Die hohen deutschen Leistungsbilanzüberschüsse werden heftig kritisiert. Als Erklärung wird unter anderem eine zu schwache Investitionstätigkeit in Deutschland angeführt. Dieser Zusammenhang ignoriert jedoch die Internationalisierung der Investitions- und Produktionsstandorte sowie...

The impressive growth of many African economies during the past decade was highly dependent on booming commodity markets and strong capital inflows, often related to commodities. With commodity prices falling and market expectations pointing to little reversal in the foreseeable future,...

Der Beitrag untersucht, inwieweit hinter der oft konstatierten Investitionsschwäche der europäischen Wirtschaft eine Strukturverschiebung von materiellen zu immateriellen Investitionen steht. Da letztere nur zum Teil unter den Investitionsbegriff der Volkswirtschaftlichen Gesamtrechnung...

The tractable general equilibrium model developed by Golosov et al. (2014), GHKT for short, is modified to allow for stock-dependent fossil fuel extraction costs and partial exhaustion of fossil fuel reserves, a negative impact of global warming on growth, mean reversion in climate damages,...

Tax uncertainty is often claimed to be harmful for investments. Capital taxes, such as property and wealth taxes, are particularly exposed to tax uncertainty. Capital tax uncertainty emerges from expected tax reforms, the unclear outcome of future tax audits, and simplified estimates of capital...

We examine the generalizability of internally valid estimates of causal effects in a fixed population over time when that population is subject to aggregate shocks. This temporal external validity is shown to depend upon the distribution of the aggregate shocks and the interaction between these...

Tax uncertainty is often claimed to be harmful for investments. Capital taxes, such as property and wealth taxes, are particularly exposed to tax uncertainty. Capital tax un- certainty emerges from expected tax reforms, the unclear outcome of future tax audits, and simplified estimates of...